The contract quantity shall be 5 Megawatt hours (MWh). Transaction sizes for trading any contract day shall be restricted to whole number multiples of the number of off-peak hours in the contract day. Each futures contract shall be valued as the contract quantity multiplied by the settlement price.

The Daily Floating Price will be determined for each off-peak day. The Daily Floating Price will be equal to the arithmetic average of all Electric Reliability Council of Texas (ERCOT) Houston 345 kV Hub Day-Ahead settlement point off-peak prices provided for the contract day. For settlement of this contract day, the prices provided by ERCOT will be considered final on the payment date stated in Rule 1045.09 and will not be subject to any further adjustment.

Termination Of Trading

CME Globex:

Trading on CME Globex shall cease on the business day prior to the contract day.

CME ClearPort:

Trading shall cease on the last business day of the contract month.

Days Or Hours

Off-Peak shall mean Monday through Friday Hour Ending (HE) 0100-0600 and 2300 and 2400 Central Prevailing Time (CPT) and Saturday through Sunday HE 0100-2400 CPT including North American Electric Reliability Corporation holidays.

Settlement Procedures

Delivery under the contract shall be by cash settlement. The cash-settlement price will be based on the Daily Floating Price which is determined for the off-peak day.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.